STP Learning Modules

______ are goals for life, not just goals one wants to accomplish in a day. They are the overriding desires that drive how a person lives his or her life

Self-Values

Breakfast cereal manufacturers have separated the market into many segments. Kellog's makes several different types of breakfast cereal to __________________- several very diverse segments.

appeal to

The third step of the market segmentation process is to evaluate segment ____________________________, which is based on such criteria as its profitability, responsiveness, and reachability.

attractiveness

Firms using a(n) _______________ targeting strategy direct their efforts to several market segments with distinct brands and products offerings for each segment.

differentiated

Ease of developing distribution channels and brand familiarity is also known as market _______.

market access

Another term for self-concept is _______________.

self-image

Market positioning involves a process of defining the marketing mix variables so that the target customers ________________.

have a clear, distincitve understanding of the product

What are the marketing segmentation approaches

- geographic - demographic - psychographic - benefits - behavioral

- sugar, milk, packaged ic - proctor and gamble offers pantene, head and shoulders, dove, aussie - an infomercial firm sells a gadget to better fry and flip eggs in cooking - a florist designs the bride's and five attendants bouquets

- undifferentiated - differentiated - concentrated - micromarketing

Age, Gender, and income are all examples of __________________ segmentation variables

Demographic

Market differences across continents create opportunities for __________________

Geographic Segmentation

After establishing overall objectives, why do marketers then use a particular method or combination thereof to develop and describe segments?

Helps firms better understand the profile of each segment

True or false: a firm assesses attractiveness of a target market and its own competencies using a SWOT analysis.

TRUE

The ________________________ communicates the customer benefits to be received from a product or service --in other words, why a customer should purchase the product.

Value Proposition

_______________________ segmentation forms market segments based on the way consumers use a product, such as more frequently or with great loyalty

behavioral

A perceptual map is used in developing a positioning strategy in order to display the position of the products or brands in the ___________ mind.

consumer's

Benefit segmentation is often effective because it is relatively easy to portray a product's or service's benefits in the firms __________________ strategies.

coomunication

VALS shows __________________ between psychology and lifestyle choices.

correlations

When Kellogg's introduced Special K, the marketing communications about the product were meant to primarily appeal to women. this is an example of _______________ segmentation.

demographic

it is important to ensure that segments are distinct from one another because too much overlap between segments means that ___________________________________.

distinct marketing strategies are unnecessary to meet segment members' needs

Demographic segmentation is the most common segmentation strategy because these segments are ___________________

easy to identify

When a firm adapts a product or service to meet an individual customer's wants or needs, it is undertaking an extreme targeting strategy called ______________>

micromarketing

segmentation strategy

must be consistent with and derived from the firm's mission and objectives as well as its current situation—its strengths, weaknesses, opportunities, and threats (SWOT).

One of the benefits of a differentiated targeting strategy is that it allows the firm to ___________________.

obtain a bigger share of the market.

Strategic Business Insights called VALS is the most widely used ________________________ segmentation tool.

psychographic

While some segmentation methods rely on external descriptions and factors to break down the market, ______________ segmentation relies on consumers' descriptions of themselves.

psychographic segmentation

When everyone is considered a potential user of its product, a firm should use a(n) ________________________ targeting strategy.

undifferentiated